In accordance with the corporate remuneration systems, the Group employees are entitled to retirement benefits and disability benefits. Retirement benefits and disability benefits are paid once, upon a given employee’s retirement due to old age or disability. Depending on the operating segment, the value of the benefits is equal either to one-month remuneration or a multiple of minimum remuneration as at the respective day. The Group recognises a provision for future liabilities due to retirement benefits and disability benefits for the purpose of assigning costs to the periods they refer to. In accordance with IAS 19, retirement and disability benefits are defined benefit plans applicable after the employment period. The present value of these liabilities as at each balance sheet date is calculated by an independent actuary. The accrued liabilities equal the discounted payables to be made in the future having regard for the staff turnover and they refer to the period ending on the balance-sheet date. Demographic data as well as information about the staff turnover are based on historical data. Actuarial gains and losses due to ex-post adjustments of actuarial assumptions and changes in actuarial assumptions are recognised in equity through other comprehensive income in the period in which they occurred. Employment costs cover, among other things the costs of past and current employment. Net interest cost on net defined benefit liability is recognised in finance costs.
